Phantom wins CFTC no-action relief, clearing path for crypto wallet access to regulated derivatives markets
Phantom received a no-action letter from the CFTC, enabling access to regulated derivatives markets without broker registration.Summary
Phantom, a self-custodial crypto wallet provider, has secured a no-action letter from the U.S. Commodity Futures Trading Commission (CFTC). This allows Phantom to function as a non-custodial interface connecting users to registered derivatives platforms without needing to register as a broker, under specific conditions. The CFTC stated it would not recommend enforcement action if Phantom meets these conditions, which involve connecting users directly with CFTC-registered entities. Phantom emphasized that it does not custody customer funds or intermediate trades, and described the outcome as “first-of-its-kind” for this model. CEO Brandon Millman highlighted the importance of proactive engagement with regulators to establish clear regulatory pathways for new financial products, ultimately benefiting users and the industry.
(Source：CoinDesk)